Presented below is selected data related to Mike Corporation at December 31, 2020. Mike reports financial information monthly. Service Revenue $36,000 Utilities Expense $4,000
Cash 8,000 Accounts Receivable 9,000
Equipment 10,000 Salaries and Wages Expense 7,000
Rent Expense 11,000 Notes Payable 16,500
Accounts payable 2,000 Dividends 5,000

Required:
a. Determine the total assets of the firm.
b. Determine the net income of the firm.

a. Total assets of the firm:

Cash                                     $8,000

Equipments                         $10,000

Accounts Receivable          $9,000

Total Assets                         $27,000

b. Net income of the firm

Service Revenue                                 $36,000

Less: Rent Expenses                           $11,000

Less: Utilities Expense                        $4,000

Less: Salaries and Wages Expense   $7,000

Net Income                                          $14,000

answer; possession utility;

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